Which of the following statements is l...

单项选择题Which of the following statements is least likely to be an assumption about investor behaviour underlying the Markowitz model？（）

A.Investors maximize one-period expected return
B.Investors base their decisions solely on expected return and risk
C.Investors have utility curves that are a function of expected returns and variance

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1.单项选择题In general，which of the following institutions will most likely have a high need for liquidity and a short investment time horizon？（）

A.Banks
B.Endowments
C.Defined benefit pension plans

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2.单项选择题According to the Capital Asset Pricing Model （CAPM），the market portfolio（）

A.includes all risky assets invested in equal amounts.
B.is exposed to both unsystematic and systematic risk.
C.is perfectly positively correlated with other portfolios on the CML.

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3.单项选择题Which of the following performance measures most likely relies on systematic risk as opposed to total risk when calculating risk-adjusted return？（）

A.M-squared
B.Sharpe ratio
C.Treynor ratio

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4.单项选择题A portfolio manager generated a rate of return of 15.5% on a portfolio with beta of 1.2.If the risk-free rate of return is 2.5% and the market return is 11.8%，Jensen’s alpha for the portfolio is closest to：（）

A.1.84%
B.4.34%
C.3.70%

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5.单项选择题If the degree of financial leverage （DFL）is 1.00，the operating breakeven point compared to the breakeven point，is most likely（）

A.lower.
B.higher.
C.the same.

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6.单项选择题Which of the following is most likely a sign of a good corporate governance structure？（）

A.Independent board members comprise a minority proportion on the company's board.
B.The separation of the chief executive position from the chair position on the company's board.
C.Independent board members are allowed to meet shareholders only in the presence of the entire board.

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7.单项选择题A company’s optimal capital budget most likely occurs at the intersection of the（）

A.net present value and internal rate of return profiles.
B.marginal cost of capital and net present value profiles.
C.marginal cost of capital and investment opportunity schedule.

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8.单项选择题An analyst is developing net present value （NPV）profiles for two investment projects.The only difference between the two projects is that Project 1 is expected to receive larger cash flows early in the life of the project，while Project 2 is expected to receive larger cash flows late in the life of the project.The sensitivities of the projects’NPVs to changes in the discount rate is best described as：（）

A.equal for the two projects.
B.lower for Project 1 than for Project 2.
C.greater for Project 1than for Project 2.

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9.单项选择题A company that sells ice cream is evaluating an expansion of its production facilities to also produce frozen yogurt.A marketing study has concluded that producing frozen yogurt would increase the company’s ice cream sales because of an increase in brand awareness.What impact will the cash flows from the expected increase in ice cream sales most likely have on the NPV of the yogurt project？（）

A.Increase
B.Decrease
C.No effect

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10.单项选择题The stock of GBK Corporation has a beta of 0.65.If the risk-free rate of return is 3% and the expected market return is 9%，the expected return for GBK is closest to（）

A.3.9%
B.6.9%
C.10.8%

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